Connecticut Banking Commissioner Pitkin To Retire

Howard Pitkin, commissioner of the state banking department for seven years, much of it marked by the mortgage crisis, will retire in January, ending four decades in the department.

"I'm of an age that I still want to enjoy the years I have left with my family, play golf and roll over in bed on snowy mornings," Pitkin said Friday.

Pitkin, 67, joined the department in 1977 as an entry-level inspection aide, rising through the ranks to become chief of administration. In that role, Pitkin oversaw the streamlining of the department, consolidating the bank and credit union examination divisions.

One of the toughest times in his career came between 1988 and 1992, during the banking crisis that swept through New England, toppling banks, large and small.

"We had to fail 40 banks in the state," Pitkin said. "Sending people home without a job is not a lot of fun."

In 2006 — two months into a retirement — Pitkin was sought out by then-Republican Gov. M. Jodi Rell for the banking commissioner post. Pitkin's friend, mentor and predecessor in the commissioner's job, John P. Burke, had recommended him.

"I wish he had lived to see this day," Pitkin said.

Pitkin took over the commissioner's post just as the mortgage crisis deepened — and the prospect of foreclosures threatened growing number of homeowners in the state.

Pitkin said he considered one of his greatest accomplishments was deciding the department should take a leadership role in dealing with the crisis. The efforts included helping to organize eight foreclosure assistance events around the state, helping nearly 8,000 borrowers stay in their homes.

As commissioner, Pitkin also helped lead the fight against unscrupulous debt collectors; advocated changes to the state's foreclosure mediation program so borrowers could resolve their troubles quicker; and championed stricter regulation of servicers that are not owned by banks.

Friday, Pitkin credited the work of his staff of about 115 in the department's successes.

"I have had the luxury of working with a staff of exceptional professionalism and expertise," Pitkin said. "I thank them for meeting each task and exceeding each challenge that came through our doors."

In 2011, Pitkin was reappointed by Democratic Gov. Dannel P. Malloy, winning endorsement from both sides of the political aisle.

Pitkin did not shy away from controversial decisions. Last year, he failed the first bank in a decade — a minority-owned bank in Bridgeport — even though an investor had stepped forward to take over the lender.

Pitkin said he couldn't back the deal. The businessman had a felony arrest on a hate crime on his record and even though it was set to be erased through accelerated rehabilitation, it still stood at the time the takeover deal was proposed.

Malloy, who will name a successor in the coming weeks, said Pitkin worked to ensure borrowers had confidence in the banking system, even in tough times.

"This is undoubtedly a loss for the state," Malloy said, "but I am certain that he is leaving an office that is stronger because of his efforts."